2022

SilverCrest Announces Additional El Picacho Drill Results

VANCOUVER, BC – April 13, 2022 - SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce additional results from its initial drill program at its El Picacho Property (“Picacho” or the “Property”) located near Bacoachi, Sonora, Mexico. Picacho is located approximately 85 km by road northeast of the Company’s Las Chispas project along a predominantly paved highway.

Drill results reported in this release are from 56,780 metres (247 drill holes) targeting the Picacho Zone which now includes five adjacent and subparallel epithermal veins including; the Picacho Main Vein (“Picacho Main” with historic resource), Picacho Hanging Wall Vein (“Picacho HW”, see news release dated February 24, 2021), Picacho Hanging Wall 2 Vein (“Picacho HW2”, new discovery), Picacho Hanging Wall 3 Vein (“Picacho HW3”, new discovery) and Picacho Footwall Vein (“Picacho FW”, new discovery) (see Tables below and attached Figures).

Highlights:

  • Initial Drilling of Historic Resource Completed, Expansion at Picacho Zone - A total of 68,200 metres (289 drill holes) at the Picacho Zone have been drilled to date including holes reported in a news release dated February 24, 2021. The focus of drilling was to better understand, redefine and potentially expand the Picacho Main Vein historic unverified resource1 of 7.8 million ounces silver equivalent (“AgEq”2) grading 8.50 grams per tonne (“gpt”) gold (“Au”) and 40.0 gpt silver (“Ag”), or 677 gpt AgEq. Overall, the Picacho Main and Picacho HW veins have expanded, and new vein discoveries are being reported within the Picacho Zone.
  • Picacho Main Vein Primary Focus of Drilling - Picacho Main Vein results, within a footprint of greater than 150 gpt AgEq (“Footprint”), are reported in this release. The average grade of these results is 5.42 gpt Au and 23.9 gpt Ag, or 431 gpt AgEq with an average estimated true width (“ETW”) of 2.4 metres.  Drilling in the Picacho Main Vein remains shallow with a maximum vertical drilled depth of approximately 300 metres and an approximate vein strike length of 550 metres. Drill spacing in the Footprint averages 35 metres.
  • New Vein Discoveries - While drilling the Picacho Main and Picacho HW veins, three new adjacent vein discoveries were intercepted. The cumulative strike length, within the defined Footprint for these veins, is approximately 400 metres. Overall, these veins average 7.47 gpt Au and 30.3 gpt Ag, or 591 gpt AgEq with an average true width of 0.9 metres.
  • Early-Stage Exploration, Drilling Continues - Currently less than 30% of the Property has had any mapping or sampling completed. Ongoing mapping, sampling, underground surveying of historical workings, target generation and geophysical interpretation continues as part of an early-stage exploration strategy. Two drills are expected to be active at Picacho throughout Q2, 2022.

1 Historic Resource Qualification: Picacho Main Vein has a historic unverified mineral resource estimate reported in 2010 (Wheatley, 2010) using 14 drill holes, underground channel sampling results and a polygonal estimation method. The reported estimate had 364,381 tonnes grading 8.54 gpt Au and 40.38 gpt Ag, or 100,060 ounces of Au and 473,052 ounces of Ag using a 1 gpt Au cutoff. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Company is not treating this information as current mineral resources or reserves, has not verified this information and is not relying on it. The Company plans on using the historical drilling and estimates to help guide its exploratory drilling work.

2 AgEq based on 75(Ag):1(Au) calculated using long-term silver and gold prices of US$20 per ounce silver and US$1,500 per ounce gold.

N. Eric Fier, CPG, P.Eng, and CEO, remarked, “We are encouraged by our findings in the early days of exploration at Picacho.  Our initial drill program at the Property was focused on leveraging historic work to efficiently allocate our capital. This work program was successful in gathering significant information pertaining to the historic resource, expanding the Footprint, and highlighting the potential for further growth. Our objective is to delineate an initial mineral resource estimate and, while work remains to achieve this objective, we are encouraged by the initial results at Picacho. We are excited to continue with our strategy of finding high value, lower risk targets with modest hurdle rates for success.”

Picacho was a historic gold and silver producer, with the first noted production in late 1800s with grades greater than 15 gpt gold (Bird, 1904). The Property was purchased by the Company in August 2020 for a total consideration of US$2.4 million, including government back taxes, for 100% ownership in 11 mining concessions totaling approximately 7,060 hectares.

Mineralization at Picacho is hosted within multiple low-sulphidation epithermal veins which include banded quartz, quartz-calcite breccia, quartz and calcite stockwork, and structures with pyrite, argentite, minor chalcopyrite and minor sphalerite being the predominant sulphide minerals. Initial drilling at the Property suggests the Picacho Zone is a gold dominant system with geological similarities to nearby Las Chispas and Santa Elena (discovered, developed and operated by the Company’s predecessor, SilverCrest Mines, until late 2015).

Drilling to date at the Picacho Zone has expanded the mineralized footprint of the previous historic unverified resource in the Picacho Main Vein and defined a cumulative mineralized footprint of approximately 950 metres along vein strike and a maximum of approximately 300 metres down vein dip from surface. Mapping, sampling and drilling suggest there is potential for the strike length to be extended further with the veins remaining open to the northwest, southeast and down dip. Besides the Picacho Main Vein, the most continuous vein is the Picacho HW Vein. The new veins, including Picacho HW2, Picacho HW3 and Picacho FW, have not been primary targets of drilling to date.

A more detailed summary of the results for this release are presented below (see Figures) and are in addition to those previously released on February 24, 2021. Results remain outstanding for an additional 27,500 metres of drilling at other veins at Picacho.

  • Picacho Main Vein
    • Measures 550 metres along strike, averages 300 metres to depth with an average grade (uncut, undiluted), reported today, of 5.42 gpt Au and 23.9 gpt Ag, or 431 gpt AgEq with an ETW of 2.4 metres. The most significant drill intercept being reported today is hole PI21-195 at 3.7 metres of ETW grading 20.86 gpt Au and 72.9 gpt Ag, or 1,638 gpt AgEq.
    • Considering all drilling to date, Picacho Main has an average grade of 6.19 gpt Au and 31.8 gpt Ag, or 497 gpt AgEq and an ETW of 2.7 metres.
  • Picacho Hanging Wall Vein
    • Measures 500 metres along strike, averages 200 metres to depth with an average grade, (uncut, undiluted) reported today of 4.38 gpt Au and 37.6 gpt Ag, or 366 gpt AgEq with an ETW of 1.5 metres. The most significant drill intercept is hole PI21-153 at 1.3 metres of ETW grading 42.3 gpt Au and 542.0 gpt Ag, or 3,714 gpt AgEq.
  • Picacho Hanging Wall 2 Vein
    • Measures 200 metres along strike, averages 135 metres to depth with an average grade (uncut, undiluted), reported to date, of 6.32 gpt Au and 46.1 gpt Ag, or 520 gpt AgEq with an ETW of 0.8 metres. The most significant drill intercept is hole PI21-50 at 2.8 metres of ETW grading 11.9 gpt Au and 21.1 gpt Ag, or 912 gpt AgEq.
  • Picacho Hanging Wall 3 Vein
    • Measures 80 metres along strike, averages 100 metres to depth with an average grade (uncut, undiluted), reported to date, of 5.88 gpt Au and 8.7 gpt Ag, or 450 gpt AgEq with an ETW of 0.5 metres. The most significant drill intercept is hole PI21-182 at 0.8 metres of ETW grading 10.71 gpt Au and 7 gpt Ag, or 810 gpt AgEq.
  • Picacho Footwall Vein                 
    • Measures 100 metres along strike, averages 175 metres to depth with an average grade (uncut, undiluted), reported to date, of 9.45 gpt Au and 16.1 gpt Ag, or 725 gpt AgEq with an ETW of 1.3 metres. The most significant drill intercept is hole PI22-285 at 1.7 metres of ETW grading 37.09 gpt Au and 32.5 gpt Ag, or 2,815 gpt AgEq.

Drill intercept highlights from the program that are reported in this release are tabulated below. All grades are reported as uncapped and undiluted and based on a 150 gpt AgEq cut-off grade. This cut-off grade is used to evaluate exploration targets in the initial stages of work and may differ from the cut-off grade used for future resource estimations. The same drill hole number may be shown for different veins based on the same hole intercepting multiple veins.

Picacho Main
Hole ID From
(m)

To
(m)

Drilled Estimated Au gpt Ag gpt  AgEq gpt*
Intercept True
(m) Width
  (m)
PI21-043 134.9 137.1 2.2 1.7 4.37 10.9 339
PI21-045 148.1 150.6 2.6 2.0 3.95 10.9 307
PI21-049 293.4 299.2 5.7 4.6 2.88 9.4 225
PI21-052 76.9 81.4 4.5 3.6 6.47 111.9 597
Includes 79.1 80.4 1.4 1.1 14.35 277.0 1,353
PI21-061 180.7 182.9 2.2 1.7 2.24 15.1 183
PI21-065 196.7 198.0 1.4 1.1 5.88 4.8 446
PI21-066 284.8 285.4 0.6 0.5 6.04 7.9 461
PI21-076 369.6 370.7 1.1 0.9 3.20 11.1 251
PI21-102 178.5 186.6 8.2 6.5 5.02 7.8 384
PI21-103 128.0 148.7 20.8 16.6 3.00 4.0 229
PI21-105 155.0 159.9 4.9 3.9 2.86 16.2 231
PI21-106 161.8 162.7 0.9 0.7 2.23 59.8 227
PI21-109 131.9 133.4 1.5 1.2 5.11 12.9 396
PI21-110 139.5 144.1 4.5 3.6 5.28 7.3 403
PI21-112 169.5 175.8 6.3 5.1 1.96 7.9 155
PI21-114 152.2 154.0 1.8 1.4 4.86 7.0 372
PI21-116 179.5 181.4 1.9 1.5 2.79 14.3 223
PI21-117 150.9 160.5 9.6 7.7 3.44 13.8 272
PI21-119 180.3 181.8 1.4 1.2 4.63 6.5 354
PI21-122 70.5 71.3 0.8 0.6 2.61 18.4 214
PI21-124 88.8 89.8 1.0 0.8 3.86 4.5 294
PI21-127 183.5 184.7 1.2 1.0 2.12 31.3 190
PI21-129 199.2 199.8 0.6 0.4 2.24 2.1 170
PI21-131 224.9 225.8 0.9 0.7 3.71 22.2 300
PI21-134 197.6 200.0 2.4 1.9 1.80 24.9 160
PI21-136 83.0 83.6 0.6 0.5 2.04 15.7 169
PI21-137 162.8 164.2 1.4 1.1 3.90 2.9 295
PI21-138 118.2 118.9 0.7 0.5 2.69 9.1 211
PI21-139 146.5 151.0 4.5 3.6 3.45 29.9 289
PI21-140 114.7 119.5 4.9 3.9 4.95 25.8 397
PI21-142 111.4 113.1 1.7 1.4 11.41 30.0 886
PI21-143 190.8 193.9 3.1 2.5 1.88 44.5 185
PI21-144 93.3 97.3 4.0 3.2 10.40 37.3 817
Includes 95.1 96.1 1.0 0.8 26.80 63.7 2,074
PI21-145 107.1 110.8 3.7 2.9 2.30 11.5     184
PI21-146 177.3 179.4 2.1 1.7 2.06 50.1     205
PI21-150 78.5 79.1 0.6 0.5 2.65 16.5 215
PI21-151 60.1 64.3 4.2 3.4 2.88 12.8 229
PI21-154 59.5 61.1 1.6 1.3 7.06 18.5 548
PI21-155 113.4 118.9 5.5 4.4 2.68 29.2 231
PI21-156 306.7 312.0 5.4 4.3 10.18 19.5 783
Includes 309.9 311.4 1.5 1.2 23.70 26.8 1,804
PI21-161 87.9 90.1 2.2 1.8 2.21 6.3 172
PI21-162 205.8 206.7 0.9 0.7 4.35 2.0 328
PI21-163 51.6 59.9 8.3 6.6 8.32 30.1 654
Includes 52.8 55.4 2.6 2.0 13.79 56.3 1,091
PI21-168 335.3 336.2 0.9 0.7 9.97 10.6 758
PI21-174 48.6 51.6 3.1 2.4 4.98 36.2 410
PI21-175 193.2 194.5 1.3 1.1 4.06 1.3 306
PI21-176 352.7 353.5 0.8 0.7 2.47 26.8 212
PI21-177 297.8 301.5 3.7 2.9 5.15 16.2 403
PI21-183 151.9 152.6 0.7 0.6 2.17 2.7 165
PI21-188 113.6 116.4 2.8 2.3 14.16 30.4  1,092
PI21-194 175.7 176.3 0.6 0.4 2.74 4.8 210
PI21-195 218.4 223.1 4.7 3.7 20.86 72.9  1,638
Includes 219.2 219.9 0.7 0.6 42.10 129.0 3,286
PI21-196 255.4 256.0 0.6 0.4 1.40 76.7 182
PI21-197 174.2 174.9 0.7 0.6 4.15 0.9 312
PI21-200 142.8 144.8 2.0 1.6 2.70 19.7 222
PI21-205 256.7 257.3 0.6 0.5 10.10 3.8 761
PI21-215 243.1 247.0 3.9 3.1 8.74 35.6 691
Includes 244.5 245.4 0.9 0.7 17.70 92.2 1,420
PI21-218 101.5 107.0 5.5 4.4 2.49 9.6 196
PI21-221 109.0 115.5 6.6 5.3 3.20 15.4 255
PI21-223 229.5 231.3 1.8 1.4 2.45 1.5 185
PI21-224 46.5 49.4 3.0 2.4 4.92 16.9 386
PI21-226 352.2 353.1 1.0 0.8 2.87 47.9 263
PI21-236 54.1 58.8 4.7 3.7 2.59 26.7 221
PI21-238 100.3 102.0 1.7 1.4 2.26 10.4 180
PI21-243 226.4 230.1 3.7 3.0 10.47 30.6 816
Includes 226.4 227.3 0.9 0.7 29.50 54.1 2,267
PI21-245 214.8 215.5 0.7 0.5 3.89 12.9 305
PI21-247 207.4 210.8 3.4 2.7 3.63 20.7 293
PI21-249 224.4 225.6 1.2 0.9 2.28 12.5 183
PI21-250 174.5 175.1 0.6 0.5 58.30 85.8  4,458
PI21-251 242.9 246.1 3.2 2.6 18.66 213.8  1,613
Includes 244.6 245.1 0.6 0.5 37.30 244.0 3,041
PI21-254 212.3 221.0 8.7 6.9 2.39 34.9 214
PI21-258 116.6 124.1 7.5 6.0 11.35 51.6 903
Includes 116.6 117.6 1.1 0.9 40.70 249 3,302
PI22-260 116.7 132.4 15.7 12.6 4.66 8.0 358
Includes 119.7 120.2 0.5 0.4 13.35 14.3 1,016
PI22-261 133.6 135.4 1.7 1.4 4.83 9.7 372
PI22-262 171.3 172.2 0.9 0.7 2.13 3.5 163
PI22-263 101.6 103.8 2.2 1.7 3.15 12.8 249
PI22-265 231.2 232.4 1.2 0.9 2.44 8.2 191
PI22-269 212.3 215.8 3.5 2.8 1.94 13.4 159
PI22-270 70.8 72.3 1.6 1.3 2.63 6.4 204
PI22-272 52.0 56.0 4.0 3.2 21.07 47.1  1,627
Includes 54.0 54.8 0.8 0.7 44.5 102.0 3,440
PI22-274 230.8 234.0 3.3 2.6 4.71 9.8 363
PI22-279 73.3 73.8 0.5 0.4 5.89 42.7 484
PI22-280 46.7 47.8 1.1 0.9 1.95 4.5 151
PI22-284 70.8 71.5 0.7 0.6 3.54 21.5 287
PI22-285 88.1 88.6 0.6 0.5 30.90 166.0  2,483
PI22-286 147.0 148.4 1.4 1.2 2.88 19.9 236
Weighted Average 3.0 2.4 5.42 23.9 431
 
Picacho HW
Hole ID From (m) To
(m)
Drilled Estimated Au gpt Ag gpt  AgEq gpt*
Intercept True
(m) Width
  (m)
PI21-046 93.6 94.1 0.5 0.4 3.49 7.3 269
PI21-050 117.7 119.5 1.8 1.4 13.56 344.3  1,361
Includes 117.7 118.8 1.1 0.9 17.20 555.0 1,845
PI21-056 291.5 292.2 0.7 0.6 1.56 100.0 217
PI21-061 171.2 172.2 1.0 0.8 2.47 2.4 188
PI21-078 224.6 225.2 0.6 0.5 3.17 54.3 292
PI21-102 172.1 173.1 1.0 0.8 2.95 7.1 228
PI21-103 122.1 125.6 3.5 2.8 3.49 5.5 267
PI21-105 150.5 151.1 0.6 0.4 2.65 2.7 201
PI21-106 144.4 145.4 1.0 0.8 9.11 238.0 921
PI21-116 170.5 171.1 0.6 0.5 5.28 25.7 422
PI21-119 171.6 172.3 0.7 0.5 2.38 11.3 190
PI21-120 156.5 167.0 10.5 8.4 2.64 7.9 206
PI21-121 6.9 8.7 1.8 1.5 5.09 25.9 408
PI21-122 63.8 65.5 1.7 1.4 3.19 5.2 244
PI21-124 82.2 82.9 0.7 0.6 2.52 7.0 196
PI21-135 142.6 151.2 8.6 6.9 2.24 12.4 180
PI21-136 74.0 75.5 1.5 1.2 1.88 16.2 157
PI21-137 153.1 154.7 1.6 1.2 2.39 6.8 186
PI21-138 106.9 109.7 2.8 2.2 3.99 6.9 306
PI21-142 95.8 96.9 1.1 0.9 3.69 90.0 367
PI21-143 181.8 186.5 4.7 3.8 2.90 29.4 247
PI21-144 89.7 90.4 0.6 0.5 4.17 36.0 349
PI21-146 174.5 175.5 1.0 0.8 1.96 30.1 177
PI21-150 70.5 71.2 0.7 0.6 2.42 7.1 189
PI21-153 308.6 310.2 1.6 1.3 42.3 542.0  3,714
PI21-155 98.5 99.3 0.7 0.6 4.24 67.3 385
PI21-159 101.6 102.9 1.3 1.0 2.28 7.0 178
PI21-161 73.9 75.4 1.5 1.2 3.60 8.9 279
PI21-163 45.7 46.5 0.8 0.6 3.92 126.0 420
PI21-168 330.2 333.2 3.0 2.4 3.01 30.9 257
PI21-169 273.4 273.9 0.5 0.4 3.99 79.0 378
PI21-170 13.0 15.0 2.0 1.6 3.00 23.8 249
PI21-174 44.1 44.6 0.5 0.4 4.44 10.0 343
PI21-183 143.7 148.2 4.5 3.6 2.77 21.4 229
PI21-189 172.8 173.9 1.2 0.9 2.36 2.5 179
PI21-193 83.4 83.9 0.5 0.4 5.42 48.2 455
PI21-195 209.0 210.0 1.0 0.8 9.83 40.7 778
PI21-197 119.4 120.1 0.7 0.6 2.15 2.0 163
PI21-205 205.2 208.9 3.6 2.9 3.57 115.2 383
PI21-209 63.8 66.5 2.7 2.2 4.02 11.2 313
PI21-211 76.0 77.3 1.3 1.0 3.72 17.3 297
PI21-214 108.6 109.5 0.9 0.8 4.56 13.4 355
PI21-218 97.6 99.2 1.6 1.2 3.04 17.6 246
PI21-221 104.5 105.1 0.6 0.5 1.72 24.3 153
PI21-222 197.7 200.0 2.4 1.9 5.75 38.8 470
PI21-226 337.8 338.6 0.8 0.6 14.50 274.0  1,362
PI21-227 113.7 115.2 1.6 1.3 3.92 15.9 310
PI21-229 47.1 47.9 0.8 0.6 2.73 19.6 224
PI21-231 72.6 74.3 1.7 1.4 4.92 20.2 389
PI21-233 58.7 59.9 1.2 0.9 2.07 38.7 194
PI21-236 34.2 39.7 5.6 4.4 6.27 39.0 509
PI21-242 67.2 68.0 0.9 0.7 1.77 34.6 167
PI21-243 222.4 223.3 0.9 0.7 1.43 56.8 164
PI21-248 112.6 114.1 1.5 1.2 1.71 66.6 195
PI21-252 81.6 86.1 4.6 3.6 2.65 8.0 206
PI21-253 132.8 133.5 0.7 0.6 2.95 3.9 225
PI21-257 228.3 230.8 2.5 2.0 2.59 5.7 200
PI22-260 105.4 106.1 0.7 0.5 4.83 7.8 370
PI22-263 98.2 98.8 0.6 0.4 3.61 9.5 280
PI22-264 184.0 189.7 5.7 4.6 4.28 15.3 336
PI22-265 202.1 204.5 2.4 1.9 2.60 10.1 205
PI22-266 56.8 57.8 1.1 0.8 3.45 12.6 271
PI22-270 54.5 58.2 3.7 3.0 3.60 8.3 278
PI22-275 30.8 35.3 4.5 3.6 11.46 36.4 896
Includes 33.3 35.3 2.0 1.6 23.10 32.5 1,765
PI22-276 78.2 79.2 1.0 0.8 7.22 28.0 569
PI22-277 155.0 156.0 1.0 0.8 3.36 21.6 274
PI22-278 64.7 66.3 1.6 1.3 2.41 27.2 208
PI22-280 44.3 45.3 1.1 0.9 2.33 24.7 199
PI22-281 21.3 26.0 4.8 3.8 4.06 15.7 320
PI22-282 21.5 22.6 1.2 0.9 1.71 44.2 172
PI22-287 149.2 149.8 0.6 0.5 4.80 70.9 431
Weighted Average 1.9 1.5 4.38 37.6 366
 
Picacho HW 2
Hole ID From
(m)
To
(m)
Drilled Estimated Au gpt Ag gpt  AgEq gpt*
Intercept True
(m) Width
  (m)
PI21-050 103.0 106.5 3.5 2.8 11.88 21.1 912
Includes 105.7 107.0 1.3 1.0 36.66 91.1 2,841
PI21-063 177.7 178.4 0.7 0.5 10.95 12.6 834
PI21-102 153.5 154.2 0.8 0.6 6.95 15.4 537
PI21-103 114.5 115.0 0.6 0.4 3.38 31.9 285
PI21-105 141.9 142.4 0.6 0.4 2.02 0.8 152
PI21-109 104.1 104.6 0.5 0.4 5.45 55.8 465
PI21-127 164.4 165.0 0.7 0.5 4.17 26.7 339
PI21-146 169.3 170.0 0.7 0.6 3.97 16.5 314
PI21-155 88.8 89.3 0.5 0.4 1.93 7.1 152
PI21-207 59.6 60.5 1.0 0.8 0.13 356 366
PI21-213 91.9 93.2 1.2 1.0 15.40 13.7  1,169
PI21-216 13.2 14.8 1.6 1.3 2.57 28.3 221
PI21-242 62.0 63.1 1.1 0.9 2.49 31.7 218
PI21-248 102.1 102.6 0.5 0.4 1.80 86.8 222
PI22-270 50.1 50.7 0.6 0.5 3.72 3.0 282
PI22-277 148.7 150.5 1.8 1.5 4.96 59.8 431
PI22-287 145.0 145.5 0.5 0.4 2.53 16.6 206
Weighted Average 1.0 0.8 6.32 46.1 520
 
Picacho HW 3
Hole ID From
(m)
To
(m)
Drilled Estimated Au gpt Ag gpt  AgEq gpt*
Intercept True
(m) Width
  (m)
PI21-110 110.2 110.8 0.6 0.5 3.73 7.0 287
PI21-132 143.7 144.2 0.5 0.4 10.05 4.7 758
PI21-161 53.7 54.4 0.7 0.6 2.20 14.6 180
PI21-182 82.7 83.7 1.0 0.8 10.71 7.0 810
Includes 83.2 83.7 0.5 0.4 17.95 12.5 1,359
PI21-237 204.3 204.8 0.5 0.4 2.85 4.2 218
PI22-270 45.5 46.0 0.5 0.4 2.80 14.2 224
Weighted Average 0.6 0.5 5.88 8.7 450
 
Picacho FW
Hole ID From
(m)
To
(m)
Drilled Estimated Au gpt Ag gpt  AgEq gpt*
Intercept True
(m) Width
  (m)
PI21-043 165.7 167.7 2.1 1.6 8.21 17.3 633
PI21-107 41.6 42.4 0.8 0.6 2.45 1.9 186
PI21-140 126.9 128.5 1.6 1.3 2.49 22.3 209
PI21-186 165.4 166.0 0.6 0.5 3.78 21.7 305
PI21-209 163.1 163.8 0.7 0.5 3.73 25.8 306
PI21-258 137.9 141.5 3.6 2.8 2.75 8.7 215
PI22-266 96.0 97.4 1.5 1.2 3.05 3.1 232
PI22-285 116.7 118.8 2.2 1.7 37.09 32.5  2,815
Weighted Average 1.6 1.3 9.45 16.1 725
Notes:
All numbers are rounded.
Cut-off grade (COG) of 150 gpt AgEq is applied.
ETW is an estimated 80% of drilled intercept width.
AgEq based on 75(Ag):1(Au) calculated using long-term silver and gold prices of US$20 per ounce silver and US$1,500 per ounce gold.

All assays were completed by ALS Chemex in Hermosillo, Mexico, and North Vancouver, BC, Canada.

The drill results also include that intercepted vein but were below the 150 gpt AgEq cut-off:  PI21-44, PI21-47, PI21-48,  PI21-51, PI21-53 to PI21-55, PI21-57, PI21-58 to PI21-60, PI21-62, PI21-64, PI21-67 to PI21-75, PI21-77, PI21-79 PI21-80 to PI21-101, PI21-104, PI21-108, PI21-111, PI21-113, PI21-115, PI21-118, PI21-123, PI21-125, PI21-126, PI21-128, PI21-130, PI21-133, PI21-141, PI21-147 to PI21-149, PI21-152, PI21-157, PI21-158, PI21-160, PI21-164 to PI21-167, PI21-171 to PI21-173, PI21-178 to PI21-180, PI21-181, PI21-184, PI21-185, PI21-187, PI21-189 to PI21-192, PI21-198, PI21-199, PI21-201 to PI21-204, PI21-206, PI21-208, PI21-210, PI21-212, PI21-217, PI21-219, PI21-220, PI21-225, PI21-228, PI21-230, PI21-232, PI21-234, PI21-235, PI21-239 to PI21-241, PI21-244, PI21-246, PI21-255, PI21-256, PI22-259, PI22-267, PI22-268 PI22-271, PI22-273, PI22-283, PI22-288, PI22-289.

2022 Picacho Program

The H1, 2022 exploration focus at Picacho is to map and sample unexplored areas and generate new drill targets.  SilverCrest currently has two drill rigs operating at Picacho. Plans for the H2, 2022 exploration program will be determined as results are received and evaluated from the H1, 2022 program.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier, CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved its contents.

ABOUT SILVERCREST METALS INC.

SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico’s historic precious metal districts. The Company’s top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico, where it has completed a feasibility study on the Las Chispas Project and is proceeding with mine construction. Start-up of processing at the Las Chispas Mine is targeted in Q2, 2022. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking statements” and “forward-looking information” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company’s exploration programs at El Picacho Property, estimates of mineralization and plans for future exploration work, and the start-up of processing at the Las Chispas Mine in Q2, 2022. Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: impact of the COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to rehabilitation and drilling programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: uncertainty as to the impact and duration of the COVID-19 pandemic; the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.

For Further Information:

SilverCrest Metals Inc.
Contact:             Lindsay Bahadir, Manager Investor Relations and Corporate Communications
Telephone:        +1 (604) 694-1730
Fax:                    +1 (604) 357-1313
Toll Free:            1-866-691-1730 (Canada & USA)
Email:                 [email protected]
Website:             www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1

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